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to restore service. >>> and news out of the vatican about the pope. if you haven't seen it, we'll bring you that, as well. it's monday, february 11th, 2013. "squawk box" begins right now. >>> good morning. i'm andrew ross sorkin along with joe kernen. becky is off. . breaking news, the vatican has just announced the pope will be resigning on february 28th. >>> the blizzard brought as much as three feet of snow to some areas in the northeast. here is the massachusetts governor. >> we're, woulding hard to make sure that the t is fully functional by the morning commute. utilities seem to be making progress. >> bertha coombs will join us with the latest from power outages to grounded flights. then, of course, there is the topics of the markets. earnings season is winding down. only 53 s&p 500 companies set to report. one event to watch, janet yellen is scheduled to speak on the economy today and our guest host this hour will be the former managing director at pimco. he's currently the share of global societies of fellows. and also we have rebecca patterson. we've got a lot to did you discuss wi
a shocking development from catholics from the vatican. pope benedict is stepping down saying he no longer has the mental or physical strength to cloak with the ministry. thake the 85-year-old german pope the first pontiff to step aside. many within the vatican itself were caught off guard, it would appear. even his inner circle unaware he was about to abdecate. >> by the end of the week we should see us airways and american merge. is this the consolidation play when it comes to airline stocks in when you see the numbers, you might say, maybe so. that story when "power lunch" returns. [ male announcer ] i've seen incredible things. otherworldly things. but there are some things i've never seen before. this ge jet engine can understand 5,000 data samples per second. which is good for business. because planes use less fuel, spend less time on the ground and more time in the air. suddenly, faraway places don't seem so...far away. ♪ >>> welcome back to "power lunch." i'm josh lipton with a cnbc market flash. analyst with fossil's report due out tomorrow. watching the company to hold and anal
of the world's 1 billion catholics. claudia lavonnia now with more from vatican city. >> reporter: hello. it's been quite a day here at the vatican. of course we haven't seen this as you said in about 700 years now. the last pope that resigned or rather abdicated, let's say, was in 1294. it was the fifth. now back then it was called the great refusal by him. this time pope benedict xvi said well, i am stepping down. i just can't take it anymore. the tasks of the pontiff is just too much for me. i'm letting a younger pope take over and bring it on for the 1.2 billion catholics worldwide. certainly this was unexpected. he said he was tired, but nobody thought or expected that it would come down to step down as a matter of fact. >> thank you very much for that. we're going to talk more about that. and i'm sure it's been quite a day there in vatican city. also putting italy front and center for two important elections coming up. the presidential election due out at the end of the month. fernando napolitano is with me. he is holding a summit today in new york focussed on investing in italian comp
square at the vatican today for pope benedict xvi's final audience. the pontiff talked about his decision to advocate. >> the vatican is rolling the dice on a new pope so to speak. look at moves on boyd, caesar's, las vegas sands and mgm resorts. all significant movers today. new jersey becoming the third state now to legalize on-line gambling behind nevada and delaware. garden state's governor, chris christie. i'm the only man who can block chris christie, frankly. he assigned a bill on tuesday that will include his demands for a ten-year trial period of internet gambling and raising taxes on atlantic city casinos internet winnings to 15%. christie saying, this was a critical decision and one i did not make lightly. gamblers would have to set up on-line accounts with a particular casino. the state division of gaming enforcement will improve final rules and choose a start date later this year. sue? >> ty, julia boorstin is live in l.a. with details on how the new law in new jersey will impact zynga. julia? >> it could be a game changer for zynga as it struggles to have social and mobile g
for cablevision in a very long time. david, in the meantime, we want to call your attention to vatican city. pope benedict xvi stepping down after nearly eight years as pontiff after unexpectedly announcing his resignation on february 11th for health reasons. you can see him walking down the hall here. he's expected to depart vatican city by helicopter heading to castel gandolfo where he will take up temporary residence until his new residence outside of vatican city is complete. once he steps into the castel gandolfo, the doors will closed and it is complete. >> thousands of people stormed into st. peter's square to watch this happen. they put big screen televisions inside the vatican grounds for the public to watch what is happening. it's hard to get a vantage point of the scale if you've never been there but isn't that just an amazing thing to watch? >> and historic are, given that we haven't seen anything like this in 600 years, right? >> i wasn't there but obviously you were, david. eagerly checking the stocks. >> yes, i was. >> interesting this morning, cardinal dolan of new york was asked
the vatican. pope benedict xvi said he will step down on february 28th citing health reasons. he becomes the first pontiff to abdicate in 600 years. cardinal timothy nolan re acted to the pope's announcement this morning on nbc's "today" show. >> i'm as startled as the rest of you and anxious to find out exactly what's going on. >> i find myself kind of somber, you know? in a way, boy, i love this pope. i mean, every catholic feels the pope is his father, we call him our holy father. the world looks to him with respect and affection. >> the vatican spokesman said a new pope will be elected by the ed of march. >>> some of my favorite jokes on twitter had to do with him making some money in the private sector. he's raised the bar as to what you're going to give up for lent. there's good reaction today, happened early this morning. media and twitter was on it. >> we continue tweeting with the question. >> it's a good question. >> he's got about as many followers as joan rivers, i think. there's been rankings that he falls in the joan rivers category. >> after the ipod, the ipad and iphone,
of the 1.2 billion catholics around the world. here now is news vatican analyst george wiegel. and spokeswoman kathy ruse, now with the family research council. good to see you. i'm not kidding. i think this is the most profound act of humility and something that everybody in the world can learn from. your take? >> i think that's right, larry. this is a man of faith. he's a real disciple of jesus christ. he wants to serve. and when he can no longer serve in the way he's been called to serve as bishop of rome, he's prepared to serve by retiring to a private life of prayer and reflection. that's a great act of service to the church, and it's a great expression of the character of joseph ratzinger. >> kathy, let me go to you on this. what was your first reaction when you heard about this today? were you surprised? there's a lot of rumors around new york, by the way, that cardinal egan had been working on this for awhile and it had been kept silent but not entirely. were you shocked at this? what was your first reaction? >> absolutely shocked. thought it was a farce. had to look i
about this in the past. >> anything from what has been happening with the vatican paper scandal to potentially his age being an issue. we have unfortunately no information at this point. i'm sure as they continues to develop, we'll have it trickling in. but first to have it reported from the italian news agency before anyone can report it. >> to resign on february the 8th is what dow jones is saying. >> that's after lent -- actually, during lent. not that the timing of this lentin season has anything to do with it, but it's interesting because we're in a build up to the incredibly important season. it's that and the way the news came out doesn't suggest -- so he announced this plan to resign in latin on monday that he would be resigning on february 28th. we're just continuing to bring you the news as we get these flashes through from the news wires. all of them, both dow jones and reuters are quoting as to which is italy's news certa. >> yeah. the italian news stories are running these stories. >> we have been asking here, would love to know f wanted to sort of send this into th
. the first time in recent history the pope resigning, recent history like 600 years, leading the vatican to come up with a pension package. he runs a big corporation. he's reportedly going to get, michelle, $3,000 a month. is this a fair amount? that's austerity. >> it's completely fair. when you become a priest, you take a vow of poverty. he should lead the italians toward austerity, be a model of what they need to achieve in rest of europe. >> thank you very much. michelle, eamon, appreciate your time. let's talk about coffee prices bucking a trend. we'll tell you about it next. [ kitt ] you know what's impressive? a talking car. but i'll tell you what impresses me. a talking train. this ge locomotive can tell you exactly where it is, what it's carrying, while using less fuel. delivering whatever the world needs, when it needs it. ♪ after all, what's the point of talking if you don't have something important to say? ♪ clamp. glitter.
down this week. today the vatican announced he has changed the rules of the conclave that will elect his successor allowing cardinals to move up the start date before the usual 15-day transition between pontiff -- between popes. >> thanks, beck. the expiration of some serious spending cuts are just days away. despite the summit and the bills to help squelch the drastic cuts no compromise is seen. and yet roger altman is chairman and founder of evercore partner and former deputy treasury secretary. good morning, roger. >> hey, joe. >> trying to figure out how to approach this with you. it's -- discretionary is not our problem. and we already sort of snow that. and there are those -- >> well i'm not sure everybody knows that. but i agree with you. >> yeah. and entitlements are the big issue. and 85 billion when you look at the growth of the federal budget, you know we're really. it's still going to grow. we're going to cut it a little. i can't imagine that you or people in your camp think $85 billion, if you found the right places, is undoable. is your main problem with this the -- the
audience is today. the vatican very busy again today. >> i wonder as a business network whether we stay there. probably not to the extent that we did with this. maybe we don't need -- i don't want to mess this up for you. maybe -- as long as you're there, i was thinking you should stay for that. this again, what markets would we quote after the story? it doesn't really -- >> well, except for that you never know what will happen with the next term with the italian parliament. you know, michelle made the point that it stepped off the front page for today. on monday it was ruling the roost and could come back at any point. >> someone needs to be there for the return of the lira. >> well, that's true. >> right. exactly. >> true. >> one way to think about it. >> if we get a new pope and he is infallible, i'd like to know whether we end higher or lower if the year. if we would -- we could see that -- >> not available on everything. only when he says he's speaking with infallibility. you know that. >> we'll get him to speak -- >> can you tell us with infallibility where the market's headed --
Search Results 0 to 10 of about 11